Hawk Exploration Ltd. Announces Plan to Seek Value Maximizing Proposals

CALGARY, ALBERTA--(Marketwired - April 5, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Hawk Exploration Ltd. (the "Corporation" or "Hawk") (TSX VENTURE:HWK.A) announces that its Board of Directors has determined that it is timely, prudent and in the best interests of shareholders to initiate a formal process to seek value maximizing proposals with a view to enhancing shareholder value which may result in a corporate sale or a material asset sale transaction. The Board of Directors will work with management and the Corporation's financial advisor to solicit, review and consider value maximizing proposals and ultimately determine whether any transaction is in the best interests of the Corporation and its shareholders. Macquarie Capital Markets Canada Ltd. has been engaged as exclusive financial advisor by the Board of Directors and will work with the Board of Directors in connection with this comprehensive review and analysis of value maximizing proposals.

Non-binding proposals will be due in May 2016. Given the nature of the process, the Corporation does not intend to provide updates until such time as the Board of Directors approves a definitive transaction, or otherwise determines that further disclosure is advisable. Hawk cautions that there are no guarantees that the process will result in a transaction, or if a transaction is undertaken, as to the terms or timing. The process to seek value maximizing proposals has not been initiated as a result of receiving any transaction proposal.

Hawk will continue to focus on its near and long term business plan, centered on maintaining capital spending within cash flow, growing production through organic growth, and a commitment to effective cost management. Hawk's acreage has a low decline rate of approximately 10 percent per year which enables the Corporation to offset declines with modest capital spending, an advantage in the current low commodity price environment.

ABOUT HAWK

Hawk is an emerging company engaged in the exploration, development and production of conventional crude oil and natural gas in western Canada and is based in Calgary, Alberta. The Class A Shares of Hawk trade on the TSX Venture Exchange under the trading symbols of HWK.A.

FOR REQUESTS IN RELATION TO THE FORMAL PROCESS:

Please visit Macquarie Capital's website at www.macquarietristone.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Reader Advisory

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks, uncertainties, and assumptions certain of which are beyond Hawk's control. Such risks, uncertainties, and assumptions include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Hawk's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Hawk will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Hawk or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Hawk does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.